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Ex-Monster exec guilty in backdating case

May 13 2009

The former chief operating officer and president of recruitment services at Monster Worldwide Inc. (NYSE: MWW) James Treacy was convicted by a jury on Monday of securities fraud and conspiracy to commit securities fraud in connection with the backdating of stock options between 1997 and 2003, the U.S. Attorney's Office for the Southern District of New York announced today.

As a result of backdating of options, the company understated its compensation expenses between 1997 and 2005 by more than $300 million, according to the office.

Treacy faces up to 20 years in prison on the securities fraud charge and five years on the charge of conspiracy to commit securities fraud, according to the U.S. Attorney's Office.

Monster's former senior VP and General Counsel Myron Olesnyckyj pleaded guilty to securities fraud in February 2007 over backdating. The U.S. Attorney's Office also charged former Chairman and CEO Andrew McKelvey, but reached a deal to have those charges dismissed. McKelvey died in November.

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